Want High Paying Clients? This Is What You Need
The secret of every business that sells their products/ services at a premium
Want to attract high paying customers for your business?
Follow a simple example and you will find the secret of every business on the planet regarding how they are managing to sell their products at a premium in the market.
Also, the best part is, that this is the only formula you need to know that allows any business to sell at premium. So, brace yourself.
Imagine you have a flight to catch and you’re running late.
You check everything and you realize that although you have everything, the only thing missing is a bottle of water.
Such a fundamental purchase, right?
You know you can halt the cab for a few minutes, get into any convenience store and grab a bottle for just ₹20/ $0.25, but you’re so late you don’t want to risk it.
You enter the airport, get your baggage checked in and you go to a cafe/kiosk/ vending machine, and you see, the bottle of water is being sold at a price of ₹50/ $0.60.
You buy the bottle of water, but you get curious. Your flight is delayed by 30 minutes, so you relax; now that you have some time to spare.
On the way to your airplane gate, you cross the most popular coffee shop brand in the world. You need your coffee fix, so you get your coffee and out of curiosity you check the price of the bottle of water at that coffee shop.
The same product is now being sold at ₹100/$1.2
You cross another popular restaurant from the city who has a dine in place in the terminal and now your curiosity is getting the better of you and you find that the restaurant is selling the bottle of water at ₹200/ $2.4
You get into the flight. You’re flying a no-frill airline and mid-air, if you want to purchase a bottle of water (just for kicks) you will have to shell out ₹500/ $5.8
Are you seeing the difference?
How much different can the quality of product be when the product in question is a bottle of water?
Look at the range. ₹20/$0.25 to ₹500/$5.8
Of course, at different price points the product label will differ, some bottles will look more premium and maybe at the highest point, the bottle being presented will be a fancy looking glass bottle.
However, you’re not buying the brand/ packaging of the product.
The core product is extremely similar in all the cases.
Then how is it that the same product gets sold at such a big price gap?
The answer lies in just 2 words.
Storytelling and positioning.
Storytelling allows you to design an experience around a product that makes it exclusive, and a business doesn’t charge you a premium for the product. The premium gets charged for the story attached to the product.
Example: In India, cashew nuts from the region of Goa generally get sold at a premium, because Goan cashews historically have been considered to be of high quality.
Here, the age-old belief system that Goan cashews are better plus the exclusive location of Goa translates into the premium price of the product.
Second factor being positioning.
Pick up any “luxury” brand in the world and you will see the exact same strategy being repeated over and over.
Luxury brands position their products different from every other competitive player in the market by introducing the heritage, the exclusive craftsmanship, the exclusivity, the scarcity (which is fake more often than not) of the availability of the product, etc.
The idea is simple. If you have a product that satisfies your target audience, the piece at which you sell in the market is a direct reflection of your marketing, positioning and selling skills.
Do you agree to this thought process?
Do you now see the possibility to raise the prices in your business?
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Prompt used to create the image for the note
P.S.: Image made on Meta AI using the prompt, “Imagine a grid of 4 and show a bottle of water in a local market, in a burger joint, in a supermarket and in a fine dining restaurant”